Bitcoin was recently hovering near $17,000, recovering from an earlier slide on news that the U.S. economy added an unexpected robust 263,000 jobs in November. However, equities were mixed following the strong jobs report. The S&P 500 and Nasdaq Composite closed down 0.12% and 0.18%, respectively, while the Dow Jones Industrial Average was up 0.1%. Data from crypto analysis firm IntoTheBlock shows bitcoin’s 30-day correlation with the S&P 500 dropped to -0.8, hitting its lowest point since May 2019. “The contrast between crypto’s internal troubles and macro’s positive tailwinds have led the two to become negatively correlated,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a Friday note.
Related posts
-
Turkish Bank Garanti BBVA Embraces Digital Assets With New Crypto Wallet and Trading Platform
In a significant move towards embracing digital assets, Turkish... -
OkayCoin launches crypto staking services in South Korea
OkayCoin, a cryptocurrency exchange, has officially launched in South Korea. According to a June 15 press... -
Chinese Gang Arrested for Exploiting Digital Yuan
In Zhejiang province, China, a criminal gang exploited digital...